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JenBritt Incorporated had a free cash flow ( FCF ) of $ 9 8 million in 2 0 1 9 . The firm projects FCF

JenBritt Incorporated had a free cash flow (FCF) of $98 million in 2019. The firm projects FCF of $265 million in 2020 and $500 million in 2021. FCF is expected to grow at a constant rate of 6% in 2022 and thereafter. The weighted average cost of capital is 9%. What is the current (i.e., beginning of 2020) value of operations?

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